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Grafton Group H1 Profit Rises; Sees Softer Market Backdrop In UK - Quick Facts

Grafton Group plc (GFTU.L, GROUF), a distributor of building materials, reported Friday that its first-half profit before tax increased to 88.20 million pounds from last year's 87.6 million pounds.

Earnings per share were 30.5 pence, compared to 30.0 pence last year.

Adjusted profit before tax was 90.9 million pounds, compared to 90 million pounds a year ago. Adjusted earnings per share were 31.4 pence, compared to prior year's 30.8 pence.

Pre-tax profit pre IFRS 16 this year was 94.3 million pounds or 32.6 pence per share, and adjusted pre-tax profit was 91.6 million pounds or 31.7 pence per share.

Revenue from continuing operations increased 2 percent to 1.44 billion pounds from 1.40 billion pounds last year. Revenue grew 3 percent in constant currency.

Further, the company lifted its interim dividend by 8.3 percent to 6.50 pence from 6.00 pence last year.

Looking ahead, the company noted that there is a softer market backdrop in the UK, and therefore expects some continuing volume and pricing pressure in the merchanting market. Elsewhere, the outlook for the Irish economy remains positive.

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